Toronto, Jan 21, 2021 – Hyundai Motor is South Korea’s largest car manufacturer and one of the top five in the world. Hyundai Motor Group is part of the larger Hyundai Group, which was established in 1947 by the patriarch Zhong Jurong as a construction company. Twenty years later, the automobile manufacturing department was established.
In 1968, Hyundai Motor and Ford Motor Company jointly produced the Cortina, the first car. By the mid-1970s, Hyundai Motor produced its own car, the Pony, which made its debut in 1975. In 1998, Hyundai Motor acquired its main rival, Kia Motors.
When the Hyundai Group was split into multiple divisions in 1999, Chung Mong-koo, the eldest son of Zhong Jurong, took over as the CEO of Hyundai Motor Group. Under his leadership, the company is ranked 75th in the Forbes list of the world’s most valuable brands and 81st in the “most respected company”.
Hyundai’s empire is built on providing stylish, stylish cars that are still affordable by most middle-class families. This is why Hyundai Elantra is their best-selling car. The Elantra has been hailed as an excellent family car and an excellent all-around mid-range sedan. Another top-selling product at a higher level is the Sonata, characterized by its sporty and functional appearance.
The prevailing consensus seems to be that as long as Hyundai continues to provide high-quality, reasonably priced and fuel-efficient cars, they should be good in the long run. The company prepares for the roads of tomorrow by launching an all-electric car, which is expected to become one of the most energy-efficient cars on the market.
Hyundai Motor has been selected as the “Best Global Brand” for six consecutive years. This year it ranks 65th among 100 brands, a steady increase from the 84th in 2015. This year’s 9.3% growth rate greatly exceeds that of Hyundai brands. The industry’s average growth rate is 2.8%.
In fact, thanks to the company’s diversified market portfolio, high-quality products and active marketing activities, Hyundai Motor’s brand awareness in major automotive markets (such as China and the United States) and emerging markets has greatly increased. In the United States, the all-new Sonata brought Hyundai’s sales to a record level, while in China, Hyundai’s sales in 2019 doubled from the previous year.
Due to the globalization of the industry, automobile companies have experienced a high degree of globalization. However, according to the Korea Automotive Industry Research Center, the industry will show different characteristics in the near future.
They predict that by 2025, the globalization of auto companies will reach the highest point, and the globalization of auto companies is no longer needed. Instead, the main focus will shift to the development of environmentally friendly vehicles, such as hybrid cars and smart cars that can provide more improved features.
Therefore, as one of the world’s leading automotive companies, Hyundai should fully and quickly adapt to these changes in order to remain competitive in this market. For environmentally friendly vehicles, Hyundai should focus on reducing the use of oil by replacing fuel with other sources (such as electricity and solar energy).
Hyundai is currently making efforts in this area, but due to the rapid changes in the industry, more attention should be paid to the key points. In addition, due to technological development, almost all devices (such as mobile phones and TVs) have become “smart”, and cars are no exception. Therefore, consumers will seek more intelligently developed functions in addition to the basic functions of the car. Therefore, cars need to be “smarter,” and Hyundai should adapt to this change in the automotive industry.